All of the Following Statements Are True About Innovation EXCEPT

question 14

Multiple Choice

All of the following statements are true about innovation EXCEPT

• A) there are many risks associated with being an innovative company.
• B) innovation is the process of creating and doing new things that are introduced into the marketplace.
• C) one of the biggest challenges is using innovative technology in a cost-effective manner.
• D) true organisational innovation is pervasive throughout the organisation.
• E) only small organisations can truly be innovative.

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Definitions:

Purely Competitive Industry

A market structure where many firms sell identical products, and no single company can influence the market price due to competition.

Profit

The financial gain realized when the revenue gained from a business activity exceeds the costs, expenses, and taxes needed to sustain the activity.

Normal Profit

The minimum level of profit necessary for a firm to remain competitive in the market, essentially covering opportunity costs.

Equilibrium Price

The price at which the quantity of goods supplied equals the quantity of goods demanded in a market.